Square Co-Founder Tristan O'Tierney Suddenly Dies


 
 
03:36 03/04/2019

Square Inc.'s SQ  co-founder Tristan O’Tierney has recently passed away according to his mother. O'Tierney had left the company in 2013.

Pamela Tierney said her son passed away on February 23rd, at the age of 35.

“I don’t have an official diagnosis,” she said by phone. According to Pamela, his death was probably related to his addiction. She had said that a doctor called her to say Tristan had kidney failure and was under cardiac arrest.

"Tristan was part of Square's founding story and we are deeply saddened by his passing," a Square spokesperson told CNBC. "Our thoughts are with his family and friends."
It was not too long ago that the peer to peer Cash app reported fourth quarter earnings and guidance for the first quarter.

Fourth quarter results beat expectations but first quarter guidance was weaker than expected sending shares falling in after-hours trading after the report was released.

For the fourth quarter, Square reported earnings per share of 14 cents compared to 13 cents expected according to a forecast by Refinitiv.

Adjusted revenue was $464 million compared to $454 million that was expected. Revenue was a 64% increase year over year.

Square issued earnings-per-share guidance for the first quarter between 6 cents and 8 cents compared to 11 cents that analysts were expecting. Revenue expectations for the first quarter was in line with expectations.

Subscription- and services-based revenue was $194 million, represeting a 144 percent jump year over year. For the full year the company reported $592 million in this arena, up 134 percent year over year.

Square's App had over 15 million monthly active customers in December 2018. This is double compared to a year ago.

"People are utilizing the money they have in Cash App with friends, families and landlords, causing another download, and another, into the network," said CEO Jack Dorsey.

"Square Card has been another highlight over the past three months," Dorsey has also said. "This is a way for us to continue to serve underserved and unbanked sellers.

"For the year ahead we continue to focus on three things and we will continue to strengthen our omni-channel offering," Dorsey added. "That means that we add strength to in-person payments, to mobile payments and also to online. We're really excited about everything we're doing in financial services."

"While 4Q was not something to write home about, the SQ story is likely far from over as new products and services can provide a second wind to growth as the year progresses," Nomura Instinet analyst Dan Dolev remarked. "We expect a negative stock reaction given somewhat underwhelming results."

 

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